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@article{ART002387446},
author={Kim, Dae Hwan and 이동현},
title={The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2018},
volume={28},
number={3},
pages={53-64},
doi={10.35136/krer.28.3.4}

TY - JOUR
AU - Kim, Dae Hwan
AU - 이동현
TI - The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions
JO - Korea Real Estate Review
PY - 2018
VL - 28
IS - 3
PB - korea real estate research institute
SP - 53
EP - 64
SN - 2092-5395
AB - OECD countries have been stimulating private pensions instead of public pensions because the financial stability of public pensions has been threatened by the aging population. Korea, which has the fastest aging population in the world, has been following the recommended policies of major countries. Unlike major economies, however, most of Korea’s household assets are composed of real estate assets. Due to the economic and social importance of real estate assets in Korea, the wealth effect of real estate has been used as a major tool in macroeconomic policy. This study analyzed the effect of real estate value changes on the contribution of private pensions (personal pension + retirement pension). Utilizing a two-way, fixed effect model with the balanced panel data of the National Survey of Tax and Benefit, empirical results presented that the private pension contribution increased by 0.171% when the value of real estate increased by 1%. Thus, real estate value changes were analyzed as positive for retirement preparation through private pension. These results suggested that if the real estate market would shrink in the future, consumption would decrease, and the degree of preparation for retirement might be smaller.
KW - real estate;wealth effect;private pension;personal pension;retirement pension
DO - 10.35136/krer.28.3.4
ER -

Kim, Dae Hwan and 이동현. (2018). The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions. Korea Real Estate Review, 28(3), 53-64.

Kim, Dae Hwan and 이동현. 2018, "The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions", Korea Real Estate Review, vol.28, no.3 pp.53-64. Available from: doi:10.35136/krer.28.3.4

Kim, Dae Hwan, 이동현 "The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions" Korea Real Estate Review 28.3 pp.53-64 (2018) : 53.

Kim, Dae Hwan, 이동현. The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions. 2018; 28(3), 53-64. Available from: doi:10.35136/krer.28.3.4

Kim, Dae Hwan and 이동현. "The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions" Korea Real Estate Review 28, no.3 (2018) : 53-64.doi: 10.35136/krer.28.3.4

Kim, Dae Hwan; 이동현. The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions. Korea Real Estate Review, 28(3), 53-64. doi: 10.35136/krer.28.3.4

Kim, Dae Hwan; 이동현. The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions. Korea Real Estate Review. 2018; 28(3) 53-64. doi: 10.35136/krer.28.3.4

Kim, Dae Hwan, 이동현. The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions. 2018; 28(3), 53-64. Available from: doi:10.35136/krer.28.3.4

Kim, Dae Hwan and 이동현. "The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions" Korea Real Estate Review 28, no.3 (2018) : 53-64.doi: 10.35136/krer.28.3.4